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I am not a lawyer, but my reading of the bill itself seems to tell me that if the house has gone down in value (below what is owed or what was paid for the home, it does not specify), or if the homeowner is insolvent, the forgiven debt is excluded from taxable income.

Am I correct in my reading? Tax professionals? Attorneys? JAFO? Kahuna? Phil? Peter? Ira? Donna?
<chirp chirp>

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